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1、UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549_FORM 10-K_(Mark One)ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31,2022or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1

2、934For the transition period from to Commission File Number:001-35551_Meta Platforms,Inc.(Exact name of registrant as specified in its charter)_Delaware20-1665019(State or other jurisdiction of incorporation or organization)(I.R.S.Employer Identification Number)1601 Willow Road,Menlo Park,California

3、 94025(Address of principal executive offices and Zip Code)(650)543-4800(Registrants telephone number,including area code)_Securities registered pursuant to Section 12(b)of the Act:Title of each classTrading symbol(s)Name of each exchange on which registeredClass A Common Stock,$0.000006 par valueME

4、TAThe Nasdaq Stock Market LLCSecurities registered pursuant to Section 12(g)of the Act:NoneIndicate by check mark if the registrant is a well-known seasoned issuer,as defined in Rule 405 of the Securities Act.Yes No Indicate by check mark if the registrant is not required to file reports pursuant to

5、 Section 13 or Section 15(d)of the Act.Yes No Indicate by check mark whether the registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934(Exchange Act)during the preceding12 months(or for such shorter period that the registrant was required

6、 to file such reports),and(2)has been subject to such filing requirements for the past 90 days.Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(232.405 of this chapter)during

7、the preceding 12 months(or for such shorter period that the registrant was required to submit such files).Yes No Indicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,a smaller reporting company,or an emerging growth company.See the d

8、efinitionsof large accelerated filer,accelerated filer,smaller reporting company,and emerging growth company in Rule 12b-2 of the Exchange Act.Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth companyIf an emerging growth company,indicate by check

9、mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standardsprovided pursuant to Section 13(a)of the Exchange Act.Indicate by check mark whether the registrant has filed a report on and attestation to its management

10、s assessment of the effectiveness of its internal control over financial reporting under Section404(b)of the Sarbanes-Oxley Act(15 U.S.C.7262(b)by the registered public accounting firm that prepared or issued its audit report.If securities are registered pursuant to Section 12(b)of the Act,indicate

11、by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error topreviously issued financial statements.Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based comp

12、ensation received by any of the registrants executive officersduring the relevant recovery period pursuant to 240.10D-1(b).Indicate by check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Exchange Act).Yes No The aggregate market value of the voting and non-voting sto

13、ck held by non-affiliates of the registrant as of June 30,2022,the last business day of the registrants most recently completed second fiscalquarter,was$378 billion based upon the closing price reported for such date on the Nasdaq Global Select Market.On January 27,2023,the registrant had 2,225,763,

14、078 shares of Class A commonstock and 366,876,470 shares of Class B common stock outstanding.DOCUMENTS INCORPORATED BY REFERENCEPortions of the registrants Proxy Statement for the 2023 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K

15、to the extent statedherein.Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrants fiscal year ended December 31,2022.Meta Platforms,Inc.Form 10-KTABLE OF CONTENTSPageNote About Forward-Looking Statements3Limitations of Key Metrics and Other

16、Data4PART IItem 1.Business7Item 1A.Risk Factors14Item 1B.Unresolved Staff Comments48Item 2.Properties48Item 3.Legal Proceedings48Item 4.Mine Safety Disclosures51PART IIItem 5.Market for Registrants Common Equity,Related Stockholder Matters and Issuer Purchases of Equity Securities52Item 6.Reserved53

17、Item 7.Managements Discussion and Analysis of Financial Condition and Results of Operations54Item 7A.Quantitative and Qualitative Disclosures About Market Risk78Item 8.Financial Statements and Supplementary Data80Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclo

18、sure120Item 9A.Controls and Procedures120Item 9B.Other Information120Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections120PART IIIItem 10.Directors,Executive Officers and Corporate Governance121Item 11.Executive Compensation121Item 12.Security Ownership of Certain Beneficial

19、 Owners and Management and Related Stockholder Matters121Item 13.Certain Relationships and Related Transactions,and Director Independence121Item 14.Principal Accountant Fees and Services121PART IVItem 15.Exhibit and Financial Statement Schedules122Item 16.Form 10-K Summary124Signatures1252Table of C

20、ontentsNOTE ABOUT FORWARD-LOOKING STATEMENTSThis Annual Report on Form 10-K contains forward-looking statements.All statements contained in this Annual Report on Form 10-K other thanstatements of historical fact,including statements regarding our future results of operations and financial position,o

21、ur business strategy and plans,and ourobjectives for future operations,are forward-looking statements.The words believe,may,will,estimate,continue,anticipate,intend,expect,and similar expressions are intended to identify forward-looking statements.We have based these forward-looking statements large

22、ly on our currentexpectations and projections about future events and trends that we believe may affect our financial condition,results of operations,business strategy,short-term and long-term business operations and objectives,and financial needs.These forward-looking statements are subject to a nu

23、mber of risks,uncertaintiesand assumptions,including those described in Part I,Item 1A,Risk Factors in this Annual Report on Form 10-K.Moreover,we operate in a very competitiveand rapidly changing environment.New risks emerge from time to time.It is not possible for our management to predict all ris

24、ks,nor can we assess the impactof all factors on our business or the extent to which any factor,or combination of factors,may cause actual results to differ materially from those contained inany forward-looking statements we may make.In light of these risks,uncertainties and assumptions,the future e

25、vents and trends discussed in this AnnualReport on Form 10-K may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-lookingstatements.We undertake no obligation to revise or publicly release the results of any revision to these forward

26、-looking statements,except as required by law.Giventhese risks and uncertainties,readers are cautioned not to place undue reliance on such forward-looking statements.Unless expressly indicated or the context requires otherwise,the terms Meta,company,we,us,and our in this document refer to MetaPlatfo

27、rms,Inc.,a Delaware corporation,and,where appropriate,its subsidiaries.The term Family refers to our Facebook,Instagram,Messenger,andWhatsApp products.For references to accessing Metas products on the web or via a website,such terms refer to accessing such products on personalcomputers.For reference

28、s to accessing Metas products on mobile,such term refers to accessing such products via a mobile application or via a mobile-optimized version of our websites such as ,whether on a mobile phone or tablet.3Table of ContentsLIMITATIONS OF KEY METRICS AND OTHER DATAThe numbers for our key metrics are c

29、alculated using internal company data based on the activity of user accounts.We report our estimates of thenumbers of our daily active people(DAP),monthly active people(MAP),and average revenue per person(ARPP)(collectively,our Family metrics)basedon the activity of users who visited at least one of

30、 Facebook,Instagram,Messenger,and WhatsApp(collectively,our Family of products)during theapplicable period of measurement.We have historically reported the numbers of our daily active users(DAUs),monthly active users(MAUs),and averagerevenue per user(ARPU)(collectively,our Facebook metrics)based on

31、user activity only on Facebook and Messenger and not on our other products.Webelieve our Family metrics better reflect the size of our community and the fact that many people are using more than one of our products.As a result,overtime we intend to report our Family metrics as key metrics in place o

32、f DAUs,MAUs,and ARPU in our periodic reports filed with the Securities and ExchangeCommission.While these numbers are based on what we believe to be reasonable estimates of our user base for the applicable period of measurement,there areinherent challenges in measuring usage of our products across l

33、arge online and mobile populations around the world.The methodologies used to measure thesemetrics require significant judgment and are also susceptible to algorithm or other technical errors.In addition,we are continually seeking to improve ourestimates of our user base,and such estimates may chang

34、e due to improvements or changes in our methodology.We regularly review our processes forcalculating these metrics,and from time to time we discover inaccuracies in our metrics or make adjustments to improve their accuracy,which can result inadjustments to our historical metrics.Our ability to recal

35、culate our historical metrics may be impacted by data limitations or other factors that require us toapply different methodologies for such adjustments.We generally do not intend to update previously disclosed Family metrics for any such inaccuracies oradjustments that are within the error margins d

36、isclosed below.In addition,our Family metrics and Facebook metrics estimates will differ from estimates published by third parties due to differences in methodology.Family MetricsMany people in our community have user accounts on more than one of our products,and some people have multiple user accou

37、nts within an individualproduct.Accordingly,for our Family metrics,we do not seek to count the total number of user accounts across our products because we believe that would notreflect the actual size of our community.Rather,our Family metrics represent our estimates of the number of unique people

38、using at least one of Facebook,Instagram,Messenger,and WhatsApp.We do not require people to use a common identifier or link their accounts to use multiple products in our Family,andtherefore must seek to attribute multiple user accounts within and across products to individual people.To calculate th

39、ese metrics,we rely upon complextechniques,algorithms and machine learning models that seek to count the individual people behind user accounts,including by matching multiple useraccounts within an individual product and across multiple products when we believe they are attributable to a single pers

40、on,and counting such group ofaccounts as one person.These techniques and models require significant judgment,are subject to data and other limitations discussed below,and inherently aresubject to statistical variances and uncertainties.We estimate the potential error in our Family metrics primarily

41、based on user survey data,which itself issubject to error as well.While we expect the error margin for our Family metrics to vary from period to period,we estimate that such margin generally will beapproximately 3%of our worldwide MAP.At our scale,it is very difficult to attribute multiple user acco

42、unts within and across products to individual people,and it is possible that the actual numbers of unique people using our products may vary significantly from our estimates,potentially beyond our estimated errormargins.As a result,it is also possible that our Family metrics may indicate changes or

43、trends in user numbers that do not match actual changes or trends.To calculate our estimates of Family DAP and MAP,we currently use a series of machine learning models that are developed based on internal reviewsof limited samples of user accounts and calibrated against user survey data.We apply sig

44、nificant judgment in designing these models and calculating theseestimates.For example,to match user accounts within individual products and across multiple products,we use data signals such as similar device information,IP addresses,and user names.We also calibrate our models against data from peri

45、odic user surveys of varying sizes and frequency across our products,whichare inherently subject to error.The timing and results of such user surveys have in the past contributed,and may in the future contribute,to changes in ourreported Family metrics from period to period.In addition,our data limi

46、tations may affect our understanding of certain details of our business and increase therisk of error for our Family metrics estimates.Our techniques and models rely on a variety of data signals from different products,and we rely on more limiteddata signals for some products compared to others.For

47、example,as a result of limited visibility into encrypted products,we have fewer4Table of Contentsdata signals from WhatsApp user accounts and primarily rely on phone numbers and device information to match WhatsApp user accounts with accounts onour other products.Similarly,although Messenger Kids us

48、ers are included in our Family metrics,we do not seek to match their accounts with accounts on ourother applications for purposes of calculating DAP and MAP.Any loss of access to data signals we use in our process for calculating Family metrics,whetheras a result of our own product decisions,actions

49、 by third-party browser or mobile platforms,regulatory or legislative requirements,or other factors,also mayimpact the stability or accuracy of our reported Family metrics,as well as our ability to report these metrics at all.Our estimates of Family metrics also maychange as our methodologies evolve

50、,including through the application of new data signals or technologies,product changes,or other improvements in our usersurveys,algorithms,or machine learning that may improve our ability to match accounts within and across our products or otherwise evaluate the broadpopulation of our users.In addit

51、ion,such evolution may allow us to identify previously undetected violating accounts(as defined below).We regularly evaluate our Family metrics to estimate the percentage of our MAP consisting solely of violating accounts.We define violatingaccounts as accounts which we believe are intended to be us

52、ed for purposes that violate our terms of service,including bots and spam.In the fourth quarter of2022,we estimated that approximately 3%of our worldwide MAP consisted solely of violating accounts.Such estimation is based on an internal review of alimited sample of accounts,and we apply significant

53、judgment in making this determination.For example,we look for account information and behaviorsassociated with Facebook and Instagram accounts that appear to be inauthentic to the reviewers,but we have limited visibility into WhatsApp user activity dueto encryption.In addition,if we believe an indiv

54、idual person has one or more violating accounts,we do not include such person in our violating accountsestimation as long as we believe they have one account that does not constitute a violating account.From time to time,we disable certain user accounts,makeproduct changes,or take other actions to r

55、educe the number of violating accounts among our users,which may also reduce our DAP and MAP estimates in aparticular period.We intend to disclose our estimates of the percentage of our MAP consisting solely of violating accounts on an annual basis.Violatingaccounts are very difficult to measure at

56、our scale,and it is possible that the actual number of violating accounts may vary significantly from our estimates.The numbers of Family DAP and MAP discussed in this Annual Report on Form 10-K,as well as ARPP,do not include users on our other products,unless they would otherwise qualify as DAP or

57、MAP,respectively,based on their other activities on our Family products.Facebook MetricsWe regularly evaluate our Facebook metrics to estimate the number of duplicate and false accounts among our MAUs.A duplicate account is onethat a user maintains in addition to his or her principal account.We divi

58、de false accounts into two categories:(1)user-misclassified accounts,where usershave created personal profiles for a business,organization,or non-human entity such as a pet(such entities are permitted on Facebook using a Page rather thana personal profile under our terms of service);and(2)violating

59、accounts,which represent user profiles that we believe are intended to be used for purposes thatviolate our terms of service,such as bots and spam.The estimates of duplicate and false accounts are based on an internal review of a limited sample ofaccounts,and we apply significant judgment in making

60、this determination.For example,to identify duplicate accounts we use data signals such as identical IPaddresses and similar user names,and to identify false accounts we look for names that appear to be fake or other behavior that appears inauthentic to thereviewers.Any loss of access to data signals

61、 we use in this process,whether as a result of our own product decisions,actions by third-party browser or mobileplatforms,regulatory or legislative requirements,or other factors,also may impact the stability or accuracy of our estimates of duplicate and false accounts.Our estimates also may change

62、as our methodologies evolve,including through the application of new data signals or technologies or product changes that mayallow us to identify previously undetected duplicate or false accounts and may improve our ability to evaluate a broader population of our users.Duplicate andfalse accounts ar

63、e very difficult to measure at our scale,and it is possible that the actual number of duplicate and false accounts may vary significantly from ourestimates.In the fourth quarter of 2022,we estimated that duplicate accounts may have represented approximately 11%of our worldwide MAUs.We believe theper

64、centage of duplicate accounts is meaningfully higher in developing markets such as the Philippines and Vietnam,as compared to more developed markets.In the fourth quarter of 2022,we estimated that false accounts may have represented approximately 4-5%of our worldwide MAUs.Our estimation of falseacco

65、unts can vary as a result of episodic spikes in the creation of such accounts,which we have seen originate more frequently in specific countries such asIndonesia,Nigeria,and Vietnam.From time to time,we disable certain user accounts,make product changes,or take other actions to reduce the number ofd

66、uplicate or false accounts among our users,which may also reduce our DAU and5Table of ContentsMAU estimates in a particular period.We intend to disclose our estimates of the number of duplicate and false accounts among our MAUs on an annual basis.The numbers of DAUs and MAUs discussed in this Annual

67、 Report on Form 10-K,as well as ARPU,do not include users on Instagram,WhatsApp,orour other products,unless they would otherwise qualify as DAUs or MAUs,respectively,based on their other activities on Facebook.User GeographyOur data regarding the geographic location of our users is estimated based o

68、n a number of factors,such as the users IP address and self-disclosedlocation.These factors may not always accurately reflect the users actual location.For example,a user may appear to be accessing Facebook from the locationof the proxy server that the user connects to rather than from the users act

69、ual location.The methodologies used to measure our metrics are also susceptible toalgorithm or other technical errors,and our estimates for revenue by user location and revenue by user device are also affected by these factors.6Table of ContentsPART IItem 1.BusinessOverviewOur mission is to give peo

70、ple the power to build community and bring the world closer together.All of our products,including our apps,share the vision of helping to bring the metaverse to life.We build technology that helps people connect andshare,find communities,and grow businesses.Our useful and engaging products enable p

71、eople to connect and share with friends and family through mobiledevices,personal computers,virtual reality headsets,and wearables.We also help people discover and learn about what is going on in the world around them,enable people to share their experiences,ideas,photos and videos,and other activit

72、ies with audiences ranging from their closest family members and friends tothe public at large,and stay connected everywhere by accessing our products.Meta is moving our offerings beyond 2D screens toward immersive experienceslike augmented and virtual reality to help build the metaverse,which we be

73、lieve is the next evolution in social technology.Our vision for the metaverse doesnot center on any single product,but rather an entire ecosystem of experiences,devices,and new technologies.While the metaverse is in the very early stagesof its development,we believe it will become the next computing

74、 platform and the future of social interaction.We report financial results for two segments:Family of Apps(FoA)and Reality Labs(RL).Currently,we generate substantially all of our revenue fromselling advertising placements on our family of apps to marketers,which is reflected in FoA.Ads on our platfo

75、rms enable marketers to reach people across arange of marketing objectives,such as generating leads or driving awareness.Marketers purchase ads that can appear in multiple places including on Facebook,Instagram,Messenger,and third-party applications and websites.RL reflects our efforts to develop th

76、e metaverse and generates revenue from sales ofconsumer hardware products,software and content.We invest in our business based on our company priorities,and the majority of our investments are directed toward developing our family of apps.In2022,82%of our total costs and expenses were recognized in

77、FoA and 18%were recognized in RL.Our FoA investments were$71.79 billion in 2022 andinclude expenses relating to headcount,data centers and technical infrastructure as part of our efforts to develop our apps and our advertising services.We arealso making significant investments in our metaverse effor

78、ts,including developing virtual and augmented reality devices,software for social platforms,neuralinterfaces,and other foundational technologies for the metaverse.Our total RL investments were$15.88 billion in 2022 and include expenses relating toheadcount and technology development across these eff

79、orts.As these are fundamentally new technologies that we expect will evolve as the metaverseecosystem develops,many products for the metaverse may only be fully realized in the next decade.Although it is inherently difficult to predict when and howthe metaverse ecosystem will develop,we expect our R

80、L segment to continue to operate at a loss for the foreseeable future,and our ability to support ourmetaverse efforts is dependent on generating sufficient profits from other areas of our business.We expect this will be a complex,evolving,and long-terminitiative.We are investing now because we belie

81、ve this is the next chapter of the internet and will unlock monetization opportunities for businesses,developers,and creators,including around advertising,hardware,and digital goods.Family of Apps ProductsFacebook.Facebook helps give people the power to build community and bring the world closer tog

82、ether.Its a place for people to share lifesmoments and discuss whats happening,nurture and build relationships,discover and connect to interests,and create economic opportunity.Theycan do this through Feed,Reels,Stories,Groups,and more.Instagram.Instagram brings people closer to the people and thing

83、s they love.Instagram Feed,Stories,Reels,Video,Live,Shops,and messagingare places where people and creators can connect and express themselves through photos,video,and private messaging,and discover and shopfrom their favorite businesses.Messenger.Messenger is a simple yet powerful messaging applica

84、tion for people to connect with friends,family,communities,and businessesacross platforms and devices through text,audio and video calls.7Table of ContentsWhatsApp.WhatsApp is a simple,reliable,and secure messaging application that is used by people and businesses around the world tocommunicate and

85、transact in a private way.Reality Labs ProductsMany of our metaverse investments are directed toward long-term,cutting edge research and development for products that are not on the market todayand may only be fully realized in the next decade.This includes exploring new technologies such as neural

86、interfaces using electromyography,which letspeople control their devices using neuromuscular signals,as well as innovations in artificial intelligence(AI)and hardware to help build next-generationinterfaces.In the near term,we are continuing to develop early metaverse experiences through Reality Lab

87、s augmented and virtual reality products that helppeople feel connected,anytime,anywhere.Our current product offerings include Meta Quest virtual reality devices,as well as software and content availablethrough the Meta Quest Store,which enable a range of social experiences that allow people to defy

88、 physical distance,including gaming,fitness,entertainment,and more.For example,we have launched Horizon Worlds,a social platform where people can interact with friends,meet new people,play games,and attendvirtual events,and Horizon Workrooms,a virtual reality space for teams to connect and collabora

89、te at work.As part of our virtual reality initiatives,we havealso introduced mixed reality capabilities through our Meta Reality system on Meta Quest Pro,which allows users to experience the immersion and presence ofvirtual reality while still being grounded in the physical world.As part of our augm

90、ented reality initiatives,we have introduced Ray-Ban Stories smart glasses,which let people stay more present through hands-free interaction,and Meta Spark,a platform that allows creators and businesses to build augmented realityexperiences that bring the digital and physical worlds together in our

91、apps.In general,while all of these investments are part of our long-term initiative to helpbuild the metaverse,our virtual reality and social platform efforts also include notable shorter-term projects developing specific products and services to go tomarket,whereas our augmented reality efforts are

92、 primarily directed toward longer-term research and development projects.For example,in 2023,we expectto spend approximately 50%of our Reality Labs operating expenses on our augmented reality initiatives,approximately 40%on our virtual reality initiatives,and approximately 10%on social platforms and

93、 other initiatives.We apply significant judgment in estimating this expense breakdown as there are certainshared costs across product lines,and our expectations are subject to change,including as the metaverse ecosystem and our business strategies evolve.Inparticular,we regularly evaluate our produc

94、t roadmaps and make significant changes as our understanding of the technological challenges and marketlandscape and our product ideas and designs evolve.CompetitionOur business is characterized by innovation,rapid change,and disruptive technologies.We compete with companies providing connection,sha

95、ring,discovery,and communication products and services to users online,as well as companies that sell advertising to businesses looking to reach consumers and/ordevelop tools and systems for managing and optimizing advertising campaigns.We face significant competition in every aspect of our business

96、,including,butnot limited to,companies that facilitate the ability of users to create,share,communicate,and discover content and information online or enable marketers toreach their existing or prospective audiences.We compete to attract,engage,and retain people who use our products,to attract and r

97、etain businesses that useour free or paid business and advertising services,and to attract and retain developers who build compelling applications that integrate with our products.Wealso compete with companies that develop and deliver consumer hardware and virtual and augmented reality products and

98、services.As we introduce or acquirenew products,as our existing products evolve,or as other companies introduce new products and services,including as part of efforts to develop the metaverseor innovate through the application of new technologies such as AI,we may become subject to additional compet

99、ition.TechnologyOur product development philosophy centers on continuous innovation in creating and improving products that are social by design,which means thatour products are designed to place people and their social interactions at the core of the product experience.As our user base grows,as eng

100、agement withproducts like video and virtual reality increases,and as we deepen our investment in new technologies,our computing needs continue to expand.We makesignificant investments in technology both to improve our existing products and services and to develop new ones,as well as for our marketer

101、s and developers.We are also investing in protecting the security,privacy,and integrity of our platform by investing in both people and technology to strengthen our systemsagainst abuse.Across all of these efforts,we are making significant investments in AI and machine learning,including to recommen

102、d relevant unconnectedcontent across our products through our AI-powered discovery engine,to enhance our advertising tools and improve our ad delivery,targeting,andmeasurement capabilities,and8Table of Contentsto develop new product features using generative AI.Sales and OperationsThe majority of ou

103、r marketers use our self-service ad platform to launch and manage their advertising campaigns.We also have a global sales force thatis focused on attracting and retaining advertisers and providing support to them throughout the stages of the marketing cycle from pre-purchase decision-making to real-

104、time optimizations to post-campaign analytics.We work directly with these advertisers,as well as through advertising agencies and resellers.We operate offices in more than 90 cities around the globe,the majority of which have a sales presence.We also invest in and rely on self-service tools toprovid

105、e direct customer support to our users and partners.MarketingHistorically,our communities have generally grown organically with people inviting their friends to connect with them,supported by internal efforts tostimulate awareness and interest.In addition,we have invested and will continue to invest

106、 in marketing our products and services to grow our brand and helpbuild community around the world.Intellectual PropertyTo establish and protect our proprietary rights,we rely on a combination of patents,trademarks,copyrights,trade secrets,including know-how,licenseagreements,confidentiality procedu

107、res,non-disclosure agreements with third parties,employee disclosure and invention assignment agreements,and othercontractual rights.In addition,to further protect our proprietary rights,from time to time we have purchased patents and patent applications from third parties.We do not believe that our

108、 proprietary technology is dependent on any single patent or copyright or groups of related patents or copyrights.We believe theduration of our patents is adequate relative to the expected lives of our products.Government RegulationWe are subject to a variety of laws and regulations in the United St

109、ates and abroad that involve matters central to our business,many of which are stillevolving and being tested in courts,and could be interpreted in ways that could harm our business.These laws and regulations involve matters includingprivacy,data use,data protection and personal information,biometri

110、cs,encryption,rights of publicity,content,integrity,intellectual property,advertising,marketing,distribution,data security,data retention and deletion,data localization and storage,data disclosure,artificial intelligence and machine learning,electronic contracts and other communications,competition,

111、protection of minors,consumer protection,civil rights,accessibility,telecommunications,productliability,e-commerce,taxation,economic or other trade controls including sanctions,anti-corruption and political law compliance,securities law compliance,and online payment services.Foreign data protection,

112、privacy,content,competition,consumer protection,and other laws and regulations can impose differentobligations,or penalties or fines for non-compliance,or be more restrictive than those in the United States.These U.S.federal,state,and foreign laws and regulations,which in some cases can be enforced

113、by private parties in addition to government entities,areconstantly evolving and can be subject to significant change.As a result,the application,interpretation,and enforcement of these laws and regulations are oftenuncertain,particularly in the new and rapidly evolving industry in which we operate,

114、and may be interpreted and applied inconsistently from jurisdiction tojurisdiction and inconsistently with our current policies and practices.For example,regulatory or legislative actions or litigation affecting the manner in whichwe display content to our users,moderate content,or obtain consent to

115、 various practices,or otherwise relating to content that is made available on our products,could adversely affect our financial results.In the United States,the U.S.Supreme Court recently agreed to review a matter in which the scope of theprotections available to online platforms under Section 230 o

116、f the Communications Decency Act(Section 230)is at issue.In addition,there have been,andcontinue to be,various efforts to remove or restrict the scope of the protections available to online platforms under Section 230,and any such changes mayincrease our costs or require significant changes to our p

117、roducts,business practices,or operations,which could adversely affect our business and financialresults.We are also subject to evolving laws and regulations that dictate whether,how,and under what circumstances we can transfer,process and/or receivecertain data that is critical to our operations,inc

118、luding data shared between countries or regions in which we operate and data shared among our products andservices.If we are unable to transfer data between and among countries and regions in which we operate,or if we are restricted from sharing data among ourproducts and services,9Table of Contents

119、it could affect our ability to provide our services,the manner in which we provide our services or our ability to target ads,which could adversely affect ourfinancial results.For example,the Privacy Shield,a transfer framework we relied upon for data transferred from the European Union to the United

120、 States,wasinvalidated in July 2020 by the Court of Justice of the European Union(CJEU).In addition,the other bases upon which Meta relies to transfer such data,suchas Standard Contractual Clauses(SCCs),have been subjected to regulatory and judicial scrutiny.On July 6,2022,we received a draft decisi

121、on from the IrishData Protection Commission(IDPC)that preliminarily concluded that Meta Platforms Irelands reliance on SCCs in respect of European Union/EuropeanEconomic Area Facebook user data does not achieve compliance with the General Data Protection Regulation(GDPR)and preliminarily proposed th

122、at suchtransfers of user data from the European Union to the United States should therefore be suspended.Separately,on March 25,2022,the European Union andUnited States announced that they had reached an agreement in principle on a new EU-U.S.Data Privacy Framework(EU-U.S.DPF).On October 7,2022,Pres

123、ident Biden signed the Executive Order on Enhancing Safeguards for United States Signals Intelligence Activities(E.O.),and on December 13,2022,theEuropean Commission published its draft adequacy decision on the proposed new EU-U.S.DPF.We believe a final decision in this inquiry may issue as earlyas

124、the first quarter of 2023.Although the E.O.is a significant and positive step,if no adequacy decision is adopted by the European Commission and we areunable to continue to rely on SCCs or rely upon other alternative means of data transfers from the European Union to the United States,we will likely

125、beunable to offer a number of our most significant products and services,including Facebook and Instagram,in Europe,which would materially and adverselyaffect our business,financial condition,and results of operations.We have been subject to other significant legislative and regulatory developments

126、in the past,and proposed or new legislation and regulations couldsignificantly affect our business in the future.For example,we have implemented a number of product changes and controls as a result of requirements underthe GDPR,and may implement additional changes in the future.The GDPR also require

127、s submission of personal data breach notifications to our lead EuropeanUnion privacy regulator,the IDPC,and includes significant penalties for non-compliance with the notification obligation as well as other requirements of theregulation.The interpretation of the GDPR is still evolving and draft dec

128、isions in investigations by the IDPC are subject to review by other European privacyregulators as part of the GDPRs consistency mechanism,which may lead to significant changes in the final outcome of such investigations.As a result,theinterpretation and enforcement of the GDPR,as well as the imposit

129、ion and amount of penalties for non-compliance,are subject to significant uncertainty.Inaddition,Brazil,the United Kingdom,and other countries have enacted similar data protection regulations imposing data privacy-related requirements onproducts and services offered to users in their respective juri

130、sdictions.The California Consumer Privacy Act,as amended by the California Privacy Rights Act,and similar laws recently enacted by other states also establish certain transparency rules and create certain data privacy rights for users.In addition,theEuropean Unions ePrivacy Directive and national im

131、plementation laws impose additional limitations on the use of data across messaging products and includesignificant penalties for non-compliance.Changes to our products or business practices as a result of these or similar developments have in the past adverselyaffected,and may in the future adverse

132、ly affect,our advertising business.Similarly,there are a number of legislative proposals or recently enacted laws in theEuropean Union,the United States,at both the federal and state level,as well as other jurisdictions that could impose new obligations or limitations in areasaffecting our business.

133、For example,the Digital Markets Act(DMA)in the European Union imposes new restrictions and requirements on companies like ours,including in areas such as the combination of data across services,mergers and acquisitions,and product design.The DMA also includes significant penaltiesfor non-compliance,

134、and its key requirements will be enforceable against designated gatekeeper companies in early 2024.We expect the DMA will cause us toincur significant compliance costs and make additional changes to our products or business practices.The requirements under the DMA will likely be subject tofurther in

135、terpretation and regulatory engagement.Pending or future proposals to modify competition laws in the United States and other jurisdictions couldhave similar effects.Further,the Digital Services Act(DSA)in the European Union,which will apply to our business as early as June 2023,will impose newrestri

136、ctions and requirements for our products and services and may significantly increase our compliance costs.The DSA also includes significant penalties fornon-compliance.In addition,some countries,such as India and Turkey,are considering or have passed legislation implementing data protection requirem

137、entsor requiring local storage and processing of data or similar requirements that could increase the cost and complexity of delivering our services,cause us tocease the offering of our products and services in certain countries,or result in fines or other penalties.New legislation or regulatory dec

138、isions that restrict ourability to collect and use information about minors may also result in limitations on our advertising services or our ability to offer products and services tominors in certain jurisdictions.We are,and expect to continue to be,the subject of investigations,inquiries,data requ

139、ests,requests for information,actions,and audits by governmentauthorities and regulators in the United States,Europe,and around the world,particularly in the areas of privacy and data protection,including with respect tominors,law enforcement,consumer protection,civil10Table of Contentsrights,conten

140、t moderation,and competition.We are also currently,and may in the future be,subject to regulatory orders or consent decrees,including themodified consent order we entered into with the U.S.Federal Trade Commission(FTC),which took effect in April 2020 and,among other matters,requires usto maintain a

141、comprehensive privacy program.Orders issued by,or inquiries or enforcement actions initiated by,government or regulatory authorities couldcause us to incur substantial costs,expose us to civil and criminal liability(including liability for our personnel)or penalties(including substantial monetaryrem

142、edies),interrupt or require us to change our business practices in a manner materially adverse to our business(including changes to our products or userdata practices),result in negative publicity and reputational harm,divert resources and the time and attention of management from our business,or su

143、bject us toother structural or behavioral remedies that adversely affect our business.For additional information about government regulation applicable to our business,see Part I,Item 1A,Risk Factors in this Annual Report on Form10-K.Human CapitalAt Meta,our mission is to give people the power to bu

144、ild community and bring the world closer together.People are at the heart of every connection weempower,and we are proud of our unique company culture.We strive to build diverse teams across engineering,product design,marketing,and other areas tofurther our mission.As we look forward,we expect the l

145、asting effects of the global COVID-19 pandemic will change how we work and who we reach.We are proud of ourresponse to the COVID-19 pandemic both internally and externally.Employee benefits were robust and established quickly:we implemented 15 days ofsubsidized backup care for child,adult,or elderca

146、re;we paid emergency leave to help address short-term or transitional needs;and we established a temporarystipend to help employees work from home,to name just a few of the benefits.We are committed to fostering an enriching environment for our global workforce,and we are focused on supporting our p

147、eople in doing the best workof their careers,no matter where they are located.For example:Location is flexible but presence is essential.As of September 30,2022,83%of managers at Meta had direct reports in a different location,and24%of our employees were fully remote.Remote work has helped us reach

148、new talent in a competitive tech landscape and broaden our representation.We have seen that candidates whoaccepted remote job offers were more often underrepresented people.Beginning March 2023,we are permitting employees in eligible roles to transfer to any Meta office within their country of emplo

149、yment.We expectdistributed teams to establish strong norms that support efficiency,including more predictable and coordinated in-person working time.At the start of the COVID-19 pandemic,the world rapidly moved online and the surge of online commerce led to accelerated revenue growth.Manypeople pred

150、icted this would be a permanent acceleration that would continue even after the pandemic ended.Instead,not only did online commerce return toprior trends,but the more challenging macroeconomic environment and limitations on our ad targeting and measurement tools,among other factors,contributed to a

151、decline in our revenue.To address this new environment,we took a number of steps to become a more capital efficient company and,in November 2022,made one of the mostdifficult changes in Metas history and announced a layoff of approximately 11,000 employees.The cost reduction efforts that we announce

152、d,including ourplans to scale back budgets,reduce company perks,shrink our real estate footprint,and restructure teams to increase efficiency alone would not bring ourexpenses in line with our revenue growth and we had to implement the layoff.We made it a priority to treat outgoing employees with re

153、spect and announced apackage for U.S.employees that included:Severance:16 weeks of base pay plus two additional weeks for every year of service.Paid time off:payment for all remaining paid time off.11Table of ContentsRestricted stock unit vesting:receipt of November 2022 vesting for outstanding empl

154、oyee restricted stock unit awards.Health insurance:coverage of the cost of healthcare for employees and their families for six months.Career services:three months of career support with an external vendor,including early access to unpublished job leads.Immigration support:dedicated immigration speci

155、alists to help guide employees based on their needs.We offered similar support for outgoing employees outside of the United States,taking into account local employment laws.Employee Learning and DevelopmentWe value our investment in growing and keeping a highly skilled and efficient workforce.In add

156、ition to permitting employees to seek educationreimbursement,we offer career development opportunities and work experience programs that extend beyond the physical and virtual classroom.To do this,weutilize various learning modalities,such as live virtual and in-person learning experiences,on-demand

157、 e-learning,self-service resources,learning communities,and coaching engagements.The Pulse of Our WorkforceEach year,we conduct company-wide employee surveys to help understand how employees feel about working at Meta and what we can do to improvetheir experience.Our surveys help us measure company,

158、manager,and personal experience over time.Further,our more frequent surveys,such as those thathave been administered daily to an ongoing random sample of employees,allows us to measure real-time sentiment around emerging events and companychanges.These surveys are designed to invite feedback and act

159、ionable suggestions,inform decisions,and drive change across the company.Health and Well-beingMetas health and well-being programs are designed to give employees a choice of flexible benefits to help them reach their personal well-being goals.Our programs are tailored to help boost employee physical

160、 and mental health,create financial peace of mind,provide support for families,and help employeesbuild a strong community.Programs are designed and funded to support needs like autism care,cancer care,transgender services,holistic well-being,andmental health programs,which represent a few of the way

161、s we support our employees and their dependents.Diversity,Equity and InclusionWe work to build a diverse and inclusive workplace where we can leverage our collective cognitive diversity to build the best products and make thebest decisions for the global community we serve.We offer full-time fully r

162、emote positions,including in locations where we do not have offices,which has deepened the diversity of our candidate pool.As published in our Diversity Report in July 2022,we saw that providing remote optionality increased the diversity of the overall composition of ourworkforce:U.S candidates who

163、accepted remote job offers were substantially more likely to be Black,Hispanic,Native American,Alaskan Native,PacificIslander,veterans and/or people with disabilities,and globally,candidates who accepted remote job offers were more likely to be women.As part of our 2022 Diversity Report,we published

164、 our global gender diversity and U.S.ethnic diversity workforce data.As of June30,2022,our globalemployee base was comprised of 37.1%females and 62.9%males,and our U.S.employee base was comprised of the following ethnicities:46.5%Asian,37.6%White,6.7%Hispanic,4.9%Black,4.0%two or more ethnicities,an

165、d 0.3%additional groups(including American Indian or Alaska Native and NativeHawaiian or Other Pacific Islander).We want our products to work for the world and we need to grow and keep the best talent in order to do that.To aid in this effort,we have taken steps toreduce bias from our hiring process

166、es and performance management systems.12Table of ContentsWe have also invested in learning opportunities to identify and reduce inherent bias through Diversity,Equity and Inclusion trainings for our employeesand enhanced learning and development courses.In addition,we offer career development progra

167、ms to employees,including opportunities for women leadersat Meta to connect,support and grow together and programs to help ensure that we develop leaders of color,build a more diverse leadership pipeline and fostera culture of sponsorship through leader advocacy.Compensation and BenefitsWe offer com

168、petitive compensation to attract and retain the best people,and we help care for our people so they can focus on our mission.Ouremployees total compensation package includes market-competitive salary,bonuses or sales incentives,and equity.We generally offer full-time employeesequity at the time of h

169、ire and through annual equity grants because we want them to be owners of the company and committed to our long-term success.Wehave conducted pay equity analyses for many years,and continue to be committed to pay equity.In 2022,we announced that our analyses indicate that wecontinue to have pay equi

170、ty across genders globally and race in the United States for people in similar jobs,accounting for factors such as location,role,andlevel.Through Life Meta,our holistic approach to benefits,we provide our employees and their dependents with resources to help them thrive.We offer awide range of benef

171、its across areas such as health,family,finance,community,and time away,including healthcare and wellness benefits,family buildingbenefits,family care resources,retirement savings plans,access to tax and legal services,and Meta Resource Groups to build community at Meta.Corporate InformationWe were i

172、ncorporated in Delaware in July 2004.We completed our initial public offering in May 2012 and our Class A common stock is currently listedon the Nasdaq Global Select Market under the symbol META.Our principal executive offices are located at 1601 Willow Road,Menlo Park,California94025,and our teleph

173、one number is(650)543-4800.Meta,the Meta logo,Facebook,FB,Instagram,Oculus,WhatsApp,and our other registered or common law trademarks,service marks,or trade namesappearing in this Annual Report on Form 10-K are the property of Meta Platforms,Inc.or its affiliates.Other trademarks,service marks,or tr

174、ade namesappearing in this Annual Report on Form 10K are the property of their respective owners.Available InformationOur Annual Reports on Form 10-K,Quarterly Reports on Form 10-Q,Current Reports on Form 8-K,and amendments to reports filed pursuant toSections 13(a)and 15(d)of the Securities Exchang

175、e Act of 1934,as amended(Exchange Act),are filed with the U.S.Securities and Exchange Commission(SEC).We are subject to the informational requirements of the Exchange Act and file or furnish reports,proxy statements,and other information with the SEC.Such reports and other information filed by us wi

176、th the SEC are available free of charge on our website at when such reports are available onthe SECs website.We use our and as well as Mark Zuckerbergs Facebook Page( account( means of disclosing material non-public information and for complying with our disclosure obligations underRegulation FD.The

177、 SEC maintains an Internet site that contains reports,proxy and information statements,and other information regarding issuers that fileelectronically with the SEC at www.sec.gov.The contents of the websites referred to above are not incorporated into this filing.Further,our references to the URLs f

178、or these websites are intended tobe inactive textual references only.13Table of ContentsItem 1A.Risk FactorsCertain factors may have a material adverse effect on our business,financial condition,and results of operations.You should consider carefully the risks anduncertainties described below,in add

179、ition to other information contained in this Annual Report on Form 10-K,including our consolidated financial statementsand related notes.The risks and uncertainties described below are not the only ones we face.Additional risks and uncertainties that we are unaware of,or thatwe currently believe are

180、 not material,may also become important factors that adversely affect our business.If any of the following risks actually occurs,ourbusiness,financial condition,results of operations,and future prospects could be materially and adversely affected.In that event,the trading price of ourClass A common

181、stock could decline,and you could lose part or all of your investment.Summary Risk FactorsOur business is subject to a number of risks,including risks that may prevent us from achieving our business objectives or may adversely affect ourbusiness,financial condition,results of operations,cash flows,a

182、nd prospects.These risks are discussed more fully below and include,but are not limited to,risks related to:Risks Related to Our Product Offeringsour ability to add and retain users and maintain levels of user engagement with our products;the loss of,or reduction in spending by,our marketers;reduced

183、 availability of data signals used by our ad targeting and measurement tools;ineffective operation with mobile operating systems or changes in our relationships with mobile operating system partners;failure of our new products,or changes to our existing products,to attract or retain users or generat

184、e revenue;Risks Related to Our Business Operations and Financial Resultsour ability to compete effectively;fluctuations in our financial results;unfavorable media coverage and other risks affecting our ability to maintain and enhance our brands;the COVID-19 pandemic,including its impact on our adver

185、tising business;acquisitions and our ability to successfully integrate our acquisitions;our ability to build,maintain,and scale our technical infrastructure,and risks associated with disruptions in our service;operating our business in multiple countries around the world;litigation,including class a

186、ction lawsuits;Risks Related to Government Regulation and Enforcementgovernment restrictions on access to Facebook or our other products,or other actions that impair our ability to sell advertising,in their countries;complex and evolving U.S.and foreign privacy,data use and data protection,content,c

187、ompetition,consumer protection,and other laws andregulations;14Table of Contentsthe impact of government investigations,enforcement actions,and settlements,including litigation and investigations by privacy and competitionauthorities;our ability to comply with regulatory and legislative privacy requ

188、irements,including our consent order with the Federal Trade Commission(FTC);Risks Related to Data,Security,and Intellectual Propertythe occurrence of security breaches,improper access to or disclosure of our data or user data,and other cyber incidents or undesirable activity on ourplatform;our abili

189、ty to obtain,maintain,protect,and enforce our intellectual property rights;andRisks Related to Ownership of Our Class A Common Stocklimitations on the ability of holders of our Class A Common Stock to influence corporate matters due to the dual class structure of our common stockand the control of a

190、 majority of the voting power of our outstanding capital stock by our founder,Chairman,and CEO.Risks Related to Our Product OfferingsIf we fail to retain existing users or add new users,or if our users decrease their level of engagement with our products,our revenue,financial results,andbusiness may

191、 be significantly harmed.The size of our user base and our users level of engagement across our products are critical to our success.Our financial performance has been and willcontinue to be significantly determined by our success in adding,retaining,and engaging active users of our products that de

192、liver ad impressions,particularlyfor Facebook and Instagram.We have experienced,and expect to continue to experience,fluctuations and declines in the size of our active user base in one ormore markets from time to time,particularly in markets where we have achieved higher penetration rates.User grow

193、th and engagement are also impacted by anumber of other factors,including competitive products and services,such as TikTok,that have reduced some users engagement with our products andservices,as well as global and regional business,macroeconomic,and geopolitical conditions.For example,the COVID-19

194、pandemic has led to increases anddecreases in the size and engagement of our active user base from period to period at different points during the pandemic,and may continue to have a variedimpact on the size and engagement of our active user base in the future.In addition,in connection with the war

195、in Ukraine,access to Facebook and Instagramwas restricted in Russia and these services were then prohibited by the Russian government,which contributed to slight declines on a quarter-over-quarter basisin the number of DAUs and MAUs on Facebook in Europe in the first quarter and the second quarter o

196、f 2022,as well as a slight decline on a quarter-over-quarter basis in the total number of MAUs on Facebook in the second quarter of 2022.Any future declines in the size of our active user base may adverselyimpact our ability to deliver ad impressions and,in turn,our financial performance.If people d

197、o not perceive our products to be useful,reliable,and trustworthy,we may not be able to attract or retain users or otherwise maintain orincrease the frequency and duration of their engagement.A number of other social networking companies that achieved early popularity have since seen theiractive use

198、r bases or levels of engagement decline,in some cases precipitously.There is no guarantee that we will not experience a similar erosion of our activeuser base or engagement levels.Our user engagement patterns have changed over time,and user engagement can be difficult to measure,particularly as wein

199、troduce new and different products and services.Any number of factors can negatively affect user retention,growth,and engagement,including if:users increasingly engage with other competitive products or services;we fail to introduce new features,products,or services that users find engaging or if we

200、 introduce new products or services,or make changes toexisting products and services,that are not favorably received;users feel that their experience is diminished as a result of the decisions we make with respect to the frequency,prominence,format,size,and qualityof ads that we display;15Table of C

201、ontentsusers have difficulty installing,updating,or otherwise accessing our products on mobile devices as a result of actions by us or third parties that we relyon to distribute our products and deliver our services;user behavior on any of our products changes,including decreases in the quality and

202、frequency of content shared on our products and services;we are unable to continue to develop products for mobile devices that users find engaging,that work with a variety of mobile operating systems andnetworks,and that achieve a high level of market acceptance;there are decreases in user sentiment

203、 due to questions about the quality or usefulness of our products or our user data practices,concerns about thenature of content made available on our products,or concerns related to privacy,safety,security,well-being,or other factors;we are unable to manage and prioritize information to ensure user

204、s are presented with content that is appropriate,interesting,useful,and relevant tothem;we are unable to obtain or attract engaging third-party content;we are unable to successfully maintain or grow usage of and engagement with applications that integrate with our products;users adopt new technologi

205、es where our products may be displaced in favor of other products or services,or may not be featured or otherwiseavailable;there are changes mandated by legislation,government and regulatory authorities,or litigation that adversely affect our products or users;we are unable to offer a number of our

206、most significant products and services,including Facebook and Instagram,in Europe,or are otherwise limitedin our business operations,as a result of European regulators,courts,or legislative bodies determining that our reliance on Standard ContractualClauses(SCCs)or other legal bases we rely upon to

207、transfer user data from the European Union to the United States is invalid;there is decreased engagement with our products,or failure to accept our terms of service,as part of privacy-focused changes that we haveimplemented or may implement in the future,whether voluntarily,in connection with the Ge

208、neral Data Protection Regulation(GDPR),the EuropeanUnions ePrivacy Directive,the California Privacy Rights Act(CPRA),or other laws,regulations,or regulatory actions,or otherwise;technical or other problems prevent us from delivering our products in a rapid and reliable manner or otherwise affect the

209、 user experience,such assecurity breaches or failure to prevent or limit spam or similar content,or users feel their experience is diminished as a result of our efforts to protectthe security and integrity of our platform;we adopt terms,policies,or procedures related to areas such as sharing,content

210、,user data,or advertising,or we take,or fail to take,actions to enforceour policies,that are perceived negatively by our users or the general public,including as a result of decisions or recommendations from theindependent Oversight Board regarding content on our platform;we elect to focus our produ

211、ct decisions on longer-term initiatives that do not prioritize near-term user growth and engagement(for example,we haveannounced plans to focus product decisions on optimizing the young adult experience in the long term);we make changes in our user account login or registration processes or changes

212、in how we promote different products and services across our familyof products;16Table of Contentsinitiatives designed to attract and retain users and engagement,including the use of new technologies such as artificial intelligence,are unsuccessful ordiscontinued,whether as a result of actions by us

213、,our competitors,or other third parties,or otherwise;third-party initiatives that may enable greater use of our products,including low-cost or discounted data plans,are scaled back or discontinued,or thepricing of data plans otherwise increases;there is decreased engagement with our products as a re

214、sult of taxes imposed on the use of social media or other mobile applications in certaincountries,internet shutdowns,or other actions by governments that affect the accessibility of our products in their countries(for example,beginning inthe first quarter of 2022,our user growth and engagement were

215、adversely affected by the war in Ukraine and service restrictions imposed by theRussian government);we fail to provide adequate customer service to users,marketers,developers,or other partners;we,developers whose products are integrated with our products,or other partners and companies in our indust

216、ry are the subject of adverse mediareports or other negative publicity,including as a result of our or their user data practices;orour current or future products,such as our development tools and application programming interfaces that enable developers to build,grow,andmonetize applications,reduce

217、user activity on our products by making it easier for our users to interact and share on third-party applications.From time to time,certain of these factors have negatively affected user retention,growth,and engagement to varying degrees.If we are unable tomaintain or increase our user base and user

218、 engagement,particularly for our significant revenue-generating products like Facebook and Instagram,our revenueand financial results may be adversely affected.Any significant decrease in user retention,growth,or engagement could render our products less attractive tousers,marketers,and developers,w

219、hich is likely to have a material and adverse impact on our ability to deliver ad impressions and,accordingly,our revenue,business,financial condition,and results of operations.As the size of our active user base fluctuates in one or more markets from time to time,we will becomeincreasingly dependen

220、t on our ability to maintain or increase levels of user engagement and monetization in order to grow revenue.We generate substantially all of our revenue from advertising.The loss of marketers,or reduction in spending by marketers,could seriously harm ourbusiness.Substantially all of our revenue is

221、currently generated from marketers advertising on Facebook and Instagram.As is common in the industry,ourmarketers do not have long-term advertising commitments with us.Many of our marketers spend only a relatively small portion of their overall advertisingbudget with us.Marketers will not continue

222、to do business with us,or they will reduce the budgets they are willing to commit to us,if we do not deliver ads inan effective manner,if they do not believe that their investment in advertising with us will generate a competitive return relative to other alternatives,or if theyare not satisfied for

223、 any other reason.We have implemented,and we will continue to implement,changes to our user data practices.Some of these changesreduce our ability to effectively target ads,which has to some extent adversely affected,and will continue to adversely affect,our advertising business.If weare unable to p

224、rovide marketers with a suitable return on investment,the demand for our ads may not increase,or may decline,in which case our revenue andfinancial results may be harmed.Our advertising revenue can also be adversely affected by a number of other factors,including:decreases in user engagement,includi

225、ng time spent on our products;our inability to continue to increase user access to and engagement with our products;product changes or inventory management decisions we may make that change the size,format,frequency,or relative prominence of ads displayed onour products or of other unpaid content sh

226、ared by marketers on our products;17Table of Contentsour inability to maintain or increase marketer demand,the pricing of our ads,or both;our inability to maintain or increase the quantity or quality of ads shown to users;changes to the content or application of third-party policies that limit our a

227、bility to deliver,target,or measure the effectiveness of advertising,including changes by mobile operating system and browser providers such as Apple and Google;adverse litigation,government actions,or legislative,regulatory,or other legal developments relating to advertising,including developments

228、that mayimpact our ability to deliver,target,or measure the effectiveness of advertising;user behavior or product changes that may reduce traffic to features or products that we successfully monetize,such as our feed and Stories products,including as a result of increased usage of our Reels or other

229、 video or messaging products;reductions of advertising by marketers due to our efforts to implement or enforce advertising policies that protect the security and integrity of ourplatform;the availability,accuracy,utility,and security of analytics and measurement solutions offered by us or third part

230、ies that demonstrate the value of ourads to marketers,or our ability to further improve such tools;loss of advertising market share to our competitors,including if prices to purchase our ads increase or if competitors offer lower priced,moreintegrated,or otherwise more effective products;limitations

231、 on our ability to offer a number of our most significant products and services,including Facebook and Instagram,in Europe as a result ofEuropean regulators,courts,or legislative bodies determining that our reliance on SCCs or other legal bases we rely upon to transfer user data fromthe European Uni

232、on to the United States is invalid;changes in our marketing and sales or other operations that we are required to or elect to make as a result of risks related to complying with foreignlaws or regulatory requirements or other government actions;decisions by marketers to reduce their advertising as a

233、 result of announcements by us or adverse media reports or other negative publicity involvingus,our user data practices,our advertising metrics or tools,content on our products,our interpretation,implementation,or enforcement of policiesrelating to content on our products(including as a result of de

234、cisions or recommendations from the independent Oversight Board),developers withapplications that are integrated with our products,or other companies in our industry;reductions of advertising by marketers due to objectionable content made available on our products by third parties,questions about ou

235、r user datapractices or the security of our platform,concerns about brand safety or potential legal liability,or uncertainty regarding their own legal andcompliance obligations;the effectiveness of our ad targeting or degree to which users opt in or out of the use of data for ads,including as a resu

236、lt of product changes andcontrols that we have implemented or may implement in the future in connection with the GDPR,ePrivacy Directive,California Privacy Rights Act(CPRA),the Digital Markets Act(DMA),other laws,regulations,regulatory actions,or litigation,or otherwise,that impact our ability to us

237、e data foradvertising purposes;the degree to which users cease or reduce the number of times they engage with our ads;changes in the way advertising on mobile devices or on personal computers is measured or priced;the success of technologies designed to block the display of ads or ad measurement too

238、ls;changes in the composition of our marketer base or our inability to maintain or grow our marketer base;and18Table of Contentsthe impact of macroeconomic and geopolitical conditions,whether in the advertising industry in general,or among specific types of marketers orwithin particular geographies(

239、for example,the war in Ukraine and service restrictions imposed by the Russian government have adversely affectedour advertising business in Europe and other regions).From time to time,certain of these factors have adversely affected our advertising revenue to varying degrees.The occurrence of any o

240、f these or otherfactors in the future could result in a reduction in demand for our ads,which may reduce the prices we receive for our ads,or cause marketers to stopadvertising with us altogether,either of which would negatively affect our revenue and financial results.Our ad targeting and measureme

241、nt tools incorporate data signals from user activity on websites and services that we do not control,as well as signalsgenerated within our products,and changes to the regulatory environment,third-party mobile operating systems and browsers,and our own products haveimpacted,and we expect will contin

242、ue to impact,the availability of such signals,which will adversely affect our advertising revenue.Our ad targeting and measurement tools rely on data signals from user activity on websites and services that we do not control,as well as signalsgenerated within our products,in order to deliver relevan

243、t and effective ads to our users,and any changes in our ability to use such signals will adversely affectour business.For example,legislative and regulatory developments,such as the GDPR,ePrivacy Directive,and California Consumer Privacy Act(CCPA),asamended by the CPRA,have impacted,and we expect wi

244、ll continue to impact,our ability to use such signals in our ad products.In particular,we have seenincreases in the number of users opting to control certain types of ad targeting in Europe following product changes implemented in connection with our GDPRand ePrivacy Directive compliance,and we have

245、 introduced product changes that limit data signal use for certain users in California following adoption of theCCPA.Regulatory guidance,decisions,or new legislation in these or other jurisdictions,such as the DMA,may require us to make additional changes to ourproducts in the future that further re

246、duce our ability to use these signals,which has occurred in the past.For example,we expect to implement additionalchanges in response to the December 2022 decision by the IDPC regarding the legal basis for our delivery of behavioral advertising in Europe.In addition,mobile operating system and brows

247、er providers,such as Apple and Google,have implemented product changes and/or announced futureplans to limit the ability of websites and application developers to collect and use these signals to target and measure advertising.For example,in 2021,Applemade certain changes to its products and data us

248、e policies in connection with changes to its iOS operating system that reduce our and other iOS developersability to target and measure advertising,which has negatively impacted,and we expect will continue to negatively impact,the size of the budgets marketersare willing to commit to us and other ad

249、vertising platforms.In addition,we have implemented,and may continue to implement,product changes that give usersthe ability to limit our use of such data signals to improve ads and other experiences on our products and services,including changes implemented inconnection with the GDPR and other regu

250、latory frameworks.These developments have limited our ability to target and measure the effectiveness of ads on our platform and negatively impacted our advertisingrevenue.For example,our advertising revenue has been negatively impacted by marketer reaction to targeting and measurement challenges as

251、sociated with iOSchanges beginning in 2021.If we are unable to mitigate these developments as they take further effect in the future,our targeting and measurement capabilitieswill be materially and adversely affected,which would in turn significantly impact our advertising revenue.Our user growth,en

252、gagement,and monetization on mobile devices depend upon effective operation with mobile operating systems,networks,technologies,products,and standards that we do not control.The substantial majority of our revenue is generated from advertising on mobile devices.There is no guarantee that popular mob

253、ile devices will continueto feature our products,or that mobile device users will continue to use our products rather than competing products.We are dependent on the interoperabilityof our products with popular mobile operating systems,networks,technologies,products,and standards that we do not cont

254、rol,such as the Android and iOSoperating systems and mobile browsers.Changes,bugs,or technical issues in such systems,or changes in our relationships with mobile operating systempartners,handset manufacturers,browser developers,or mobile carriers,or in the content or application of their terms of se

255、rvice or policies(which they havemade in the past and continue to seek to implement)that degrade our products functionality,reduce or eliminate our ability to update or distribute our products,give preferential treatment to competitive products,limit our ability to deliver,target,or measure the effe

256、ctiveness of ads,or charge fees related to thedistribution of our products or our delivery of ads have in the past adversely affected,and could in the future adversely affect,19Table of Contentsthe usage of our products and monetization on mobile devices.For example,Apple previously released an upda

257、te to its Safari browser that limits the use ofthird-party cookies,which reduces our ability to provide the most relevant ads to our users and impacts monetization,and also released changes to iOS thatlimit our ability to target and measure ads effectively,while expanding their own advertising busin

258、ess.We expect that any similar changes to its,Googles,orother browser or mobile platforms will further limit our ability to target and measure the effectiveness of ads and impact monetization.Additionally,in order todeliver high quality mobile products,it is important that our products work well wit

259、h a range of mobile technologies,products,systems,networks,andstandards that we do not control,and that we have good relationships with handset manufacturers,mobile carriers,and browser developers.We may not besuccessful in maintaining or developing relationships with key participants in the mobile

260、ecosystem or in developing products that operate effectively withthese technologies,products,systems,networks,or standards.In the event that it is more difficult for our users to access and use our products on their mobiledevices,or if our users choose not to access or use our products on their mobi

261、le devices or use mobile products that do not offer access to our products,our usergrowth and user engagement could be harmed.From time to time,we may also take actions regarding the distribution of our products or the operation of ourbusiness based on what we believe to be in our long-term best int

262、erests.Such actions may adversely affect our users and our relationships with the operators ofmobile operating systems,handset manufacturers,mobile carriers,browser developers,other business partners,or advertisers,and there is no assurance thatthese actions will result in the anticipated long-term

263、benefits.In the event that our users are adversely affected by these actions or if our relationships with suchthird parties deteriorate,our user growth,engagement,and monetization could be adversely affected and our business could be harmed.We have in the pastexperienced challenges in operating with

264、 mobile operating systems,networks,technologies,products,and standards that we do not control,and any suchoccurrences in the future may negatively impact our user growth,engagement,and monetization on mobile devices,which may in turn materially andadversely affect our business and financial results.

265、Our new products and changes to existing products could fail to attract or retain users or generate revenue and profits,or otherwise adversely affect ourbusiness.Our ability to retain,increase,and engage our user base and to increase our revenue depends heavily on our ability to continue to evolve o

266、ur existingproducts and to create successful new products,both independently and in conjunction with developers or other third parties.We may introduce significantchanges to our existing products or acquire or introduce new and unproven products,including using technologies with which we have little

267、 or no priordevelopment or operating experience.For example,we do not have significant experience with consumer hardware products or virtual or augmented realitytechnology,which may adversely affect our ability to successfully develop and market these products and technologies.We continue to incur s

268、ubstantial costs,and we may not be successful in generating profits,in connection with these efforts.We are also making significant investments in artificial intelligence(AI)initiatives,including to recommend relevant unconnected content across our products,enhance our advertising tools,and develop

269、new product features usinggenerative AI.These efforts,including the introduction of new products or changes to existing products,may result in new or enhanced governmental orregulatory scrutiny,litigation,ethical concerns,or other complications that could adversely affect our business,reputation,or

270、financial results.We have alsoinvested,and expect to continue to invest,significant resources in growing our messaging products to support increasing usage of such products.We havehistorically monetized messaging in only a limited fashion,and we may not be successful in our efforts to generate meani

271、ngful revenue or profits frommessaging over the long term.In addition,we are moving forward with plans to implement end-to-end encryption across our messaging services,as well asfacilitate cross-app communication between these platforms,which are subject to governmental and regulatory scrutiny in mu

272、ltiple jurisdictions.If our newproducts or changes to existing products fail to engage users,marketers,or developers,or if our business plans are unsuccessful,we may fail to attract or retainusers or to generate sufficient revenue,operating margin,or other value to justify our investments,and our bu

273、siness may be adversely affected.We make product and investment decisions that may not prioritize short-term financial results and may not produce the long-term benefits that we expect.We frequently make product and investment decisions that may not prioritize short-term financial results if we beli

274、eve that the decisions are consistentwith our mission and benefit the aggregate user experience and will thereby improve our financial performance over the long term.For example,we haveimplemented,and we will continue to implement,changes to our user data practices.Some of these changes reduce our a

275、bility to effectively target ads,whichhas to some extent adversely affected,and will continue to adversely affect,our advertising business.For example,our Off-Facebook Activity tool enablesusers to place limits on our storage and use of information about their interactions with advertisers apps and

276、websites,which reduces our ability to deliver themost relevant and effective ads to our users.Similarly,from time to time we update our feed display and ranking algorithms or other product features tooptimize the user experience,and these changes have had,and20Table of Contentsmay in the future have

277、,the effect of reducing time spent and some measures of user engagement with our products,which could adversely affect our financialresults.From time to time,we also change the size,frequency,or relative prominence of ads as part of our product and monetization strategies.In addition,wehave made,and

278、 we expect to continue to make,other changes to our products which may adversely affect the distribution of content of publishers,marketers,and developers,and could reduce their incentive to invest in their efforts on our products.We also may introduce new features or other changes to existingproduc

279、ts,or introduce new stand-alone products,that attract users away from properties,formats,or use cases where we have more proven means ofmonetization,such as our feed products.In addition,as we focus on growing users and engagement across our family of products,from time to time theseefforts have red

280、uced,and may in the future reduce,engagement with one or more products and services in favor of other products or services that we monetizeless successfully or that are not growing as quickly.For example,we plan to continue to promote Reels,which we do not currently monetize at the same rate asour f

281、eed or Stories products.These decisions may adversely affect our business and results of operations and may not produce the long-term benefits that weexpect.We may not be successful in our metaverse strategy and investments,which could adversely affect our business,reputation,or financial results.We

282、 believe the metaverse,an embodied internet where people have immersive experiences beyond two-dimensional screens,is the next evolution insocial technology.In 2021,we announced a shift in our business and product strategy to focus on helping to bring the metaverse to life.We expect this will be aco

283、mplex,evolving,and long-term initiative that will involve the development of new and emerging technologies,continued investment in infrastructure as wellas privacy,safety,and security efforts,and collaboration with other companies,developers,partners,and other participants.However,the metaverse may

284、notdevelop in accordance with our expectations,and market acceptance of features,products,or services we build for the metaverse is uncertain.We regularlyevaluate our product roadmaps and make significant changes as our understanding of the technological challenges and market landscape and our produ

285、ct ideasand designs evolve.In addition,we have limited experience with consumer hardware products and virtual and augmented reality technology,which may enableother companies to compete more effectively than us.We may be unsuccessful in our research and product development efforts,including if we ar

286、e unable todevelop relationships with key participants in the metaverse or develop products that operate effectively with metaverse technologies,products,systems,networks,or standards.Our metaverse efforts may also divert resources and management attention from other areas of our business.We expect

287、to continue tomake significant investments in virtual and augmented reality and other technologies to support these efforts,and our ability to support these efforts isdependent on generating sufficient profits from other areas of our business.In addition,as our metaverse efforts evolve,we may be sub

288、ject to a variety ofexisting or new laws and regulations in the United States and international jurisdictions,including in the areas of privacy,safety,competition,contentregulation,consumer protection,and e-commerce,which may delay or impede the development of our products and services,increase our

289、operating costs,require significant management time and attention,or otherwise harm our business.As a result of these or other factors,our metaverse strategy and investmentsmay not be successful in the foreseeable future,or at all,which could adversely affect our business,reputation,or financial res

290、ults.If we are not able to maintain and enhance our brands,our ability to expand our base of users,marketers,and developers may be impaired,and ourbusiness and financial results may be harmed.We believe that our brands have significantly contributed to the success of our business.We also believe tha

291、t maintaining and enhancing our brands iscritical to expanding our base of users,marketers,and developers.Many of our new users are referred by existing users.Maintaining and enhancing our brandswill depend largely on our ability to continue to provide useful,reliable,trustworthy,and innovative prod

292、ucts,which we may not do successfully.We mayintroduce new products or terms of service or policies that users do not like,which may negatively affect our brands.Additionally,the actions of our developersor advertisers may affect our brands if users do not have a positive experience using third-party

293、 applications integrated with our products or interacting withparties that advertise through our products.We will also continue to experience media,legislative,or regulatory scrutiny of our actions or decisions regardinguser privacy,data use,encryption,content,product design,algorithms,advertising,c

294、ompetition,and other issues,including actions or decisions in connectionwith elections,the COVID-19 pandemic,or geopolitical events,which has in the past adversely affected,and may in the future adversely affect,our reputationand brands.For example,beginning in September 2021,we became the subject o

295、f media,legislative,and regulatory scrutiny as a result of a former employeesallegations and release of internal company documents relating to,among other things,our algorithms,advertising and user metrics,and content enforcementpractices,as well as misinformation and other undesirable activity on o

296、ur platform,and user well-being.In addition,in March 2018,we announceddevelopments regarding the misuse of certain data by a developer that shared such data with third parties in21Table of Contentsviolation of our terms and policies.We also may fail to respond expeditiously or appropriately to the s

297、haring of objectionable content on our services orobjectionable practices by advertisers or developers,or to otherwise enforce our policies or address user concerns,which has occurred in the past and whichcould erode confidence in our brands.Our brands may also be negatively affected by the actions

298、of users that are deemed to be hostile or inappropriate to otherusers,by the actions of users acting under false or inauthentic identities,by the use of our products or services to disseminate information that is deemed to bemisleading(or intended to manipulate opinions),by perceived or actual effor

299、ts by governments to obtain access to user information for security-relatedpurposes or to censor certain content on our platform,by the use of our products or services for illicit or objectionable ends,including,for example,any suchactions around the pandemic,geopolitical events,or elections in the

300、United States and around the world,by decisions or recommendations regarding content onour platform from the independent Oversight Board,by research or media reports concerning the perceived or actual impacts of our products or services onuser well-being,or by our decisions regarding whether to remo

301、ve content or suspend participation on our platform by persons who violate our communitystandards or terms of service.Maintaining and enhancing our brands will require us to make substantial investments and these investments may not besuccessful.Certain of our actions,such as the foregoing matter re

302、garding developer misuse of data and concerns around our handling of political speech andadvertising,hate speech,and other content,as well as user well-being issues,have eroded confidence in our brands and may continue to do so in the future.Ifwe fail to successfully promote and maintain our brands

303、or if we incur excessive expenses in this effort,our business and financial results may be adverselyaffected.We may not be able to continue to successfully maintain or grow usage of and engagement with applications that integrate with our products.We have made and are continuing to make investments

304、to enable developers to build,grow,and monetize applications that integrate with our products.Such existing and prospective developers may not be successful in building,growing,or monetizing applications that create and maintain user engagement.Additionally,developers may choose to build on other pl

305、atforms,including platforms controlled by third parties,rather than building products that integratewith our products.We are continuously seeking to balance the distribution objectives of our developers with our desire to provide an optimal user experience,and we may not be successful in achieving a

306、 balance that continues to attract and retain such developers.For example,from time to time,we have taken actionsto reduce the volume of communications from these developers to users on our products with the objective of enhancing the user experience,and such actionshave reduced distribution from,us

307、er engagement with,and our monetization opportunities from,applications integrated with our products.In addition,as partof our efforts related to privacy,safety,and security,we conduct investigations and audits of platform applications from time to time,and we also haveannounced several product chan

308、ges that restrict developer access to certain user data.In some instances,these actions,as well as other actions to enforce ourpolicies applicable to developers,have adversely affected,or will adversely affect,our relationships with developers.If we are not successful in our efforts tomaintain or gr

309、ow the number of developers that choose to build products that integrate with our products or if we are unable to continue to build and maintaingood relations with such developers,our user growth and user engagement and our financial results may be adversely affected.Risks Related to Our Business Op

310、erations and Financial ResultsOur business is highly competitive.Competition presents an ongoing threat to the success of our business.We compete with companies providing connection,sharing,discovery,and communication products and services to users online,as well as companiesthat sell advertising to

311、 businesses looking to reach consumers and/or develop tools and systems for managing and optimizing advertising campaigns.We facesignificant competition in every aspect of our business,including,but not limited to,companies that facilitate the ability of users to create,share,communicate,and discove

312、r content and information online or enable marketers to reach their existing or prospective audiences.We compete to attract,engage,and retainpeople who use our products,to attract and retain businesses that use our free or paid business and advertising services,and to attract and retain developers w

313、hobuild compelling applications that integrate with our products.We also compete with companies that develop and deliver consumer hardware and virtual andaugmented reality products and services.As we introduce or acquire new products,as our existing products evolve,or as other companies introduce ne

314、wproducts and services,including as part of efforts to develop the metaverse or innovate through the application of new technologies such as artificialintelligence,we may become subject to additional competition.22Table of ContentsSome of our current and potential competitors may have greater resour

315、ces,experience,or stronger competitive positions in certain product segments,geographic regions,or user demographics than we do.For example,some of our competitors may be domiciled in different countries and subject to political,legal,and regulatory regimes that enable them to compete more effective

316、ly than us.These factors may allow our competitors to respond more effectively thanus to new or emerging technologies and changes in market conditions.We believe that some users,particularly younger users,are aware of and activelyengaging with other products and services similar to,or as a substitut

317、e for,our products and services,and we believe that some users have reduced their use ofand engagement with our products and services in favor of these other products and services.In the event that users increasingly engage with other productsand services,we may experience a decline in use and engag

318、ement in key user demographics or more broadly,in which case our business would likely beharmed.Our competitors may develop products,features,or services that are similar to ours or that achieve greater acceptance,may undertake more far-reachingand successful product development efforts or marketing

319、 campaigns,or may adopt more aggressive pricing policies.Some competitors may gain a competitiveadvantage against us in areas where we operate,including:by making acquisitions;by limiting our ability to deliver,target,or measure the effectiveness of ads;by imposing fees or other charges related to o

320、ur delivery of ads;by making access to our products more difficult or impossible;by making it more difficult tocommunicate with our users;or by integrating competing platforms,applications,or features into products they control such as mobile device operatingsystems,search engines,browsers,or e-comm

321、erce platforms.For example,each of Apple and Google have integrated competitive products with iOS andAndroid,respectively.In addition,Apple has released changes to iOS that limit our ability,and the ability of others in the digital advertising industry,to targetand measure ads effectively.As a resul

322、t,our competitors may,and in some cases will,acquire and engage users or generate advertising or other revenue at theexpense of our own efforts,which would negatively affect our business and financial results.In addition,from time to time,we may take actions in response tocompetitive threats,but we

323、cannot assure you that these actions will be successful or that they will not negatively affect our business and financial results.We believe that our ability to compete effectively depends upon many factors both within and beyond our control,including:the popularity,usefulness,ease of use,performan

324、ce,and reliability of our products compared to our competitors products;the size and composition of our user base;the engagement of users with our products and competing products;our ability to attract and retain businesses who use our free or paid business and advertising services;the timing and ma

325、rket acceptance of products,including developments and enhancements to our or our competitors products;our safety and security efforts and our ability to protect user data and to provide users with control over their data;our ability to distribute our products to new and existing users;our ability t

326、o monetize our products;the frequency,size,format,quality,and relative prominence of the ads displayed by us or our competitors;customer service and support efforts;marketing and selling efforts,including our ability to measure the effectiveness of our ads and to provide marketers with a compelling

327、return on theirinvestments;our ability to establish and maintain developers interest in building applications that integrate with our products;our ability to establish and maintain publisher interest in integrating their content with our products;23Table of Contentschanges mandated by legislation,re

328、gulatory authorities,or litigation,some of which may have a disproportionate effect on us;acquisitions or consolidation within our industry,which may result in more formidable competitors;our ability to attract,retain,and motivate talented employees,particularly software engineers,designers,and prod

329、uct managers;our ability to cost-effectively manage and grow our operations;andour reputation and brand strength relative to those of our competitors.If we are not able to compete effectively,our user base,level of user engagement,and ability to deliver ad impressions may decrease,we may becomeless

330、attractive to developers and marketers,and our revenue and results of operations may be materially and adversely affected.Our financial results will fluctuate from quarter to quarter and are difficult to predict.Our quarterly financial results have fluctuated in the past and will fluctuate in the fu

331、ture.Additionally,we have a limited operating history with thecurrent scale of our business,which makes it difficult to forecast our future results.As a result,you should not rely upon our past quarterly financial results asindicators of future performance.You should take into account the risks and

332、uncertainties frequently encountered by companies in rapidly evolving markets.Our financial results in any given quarter can be influenced by numerous factors,many of which we are unable to predict or are outside of our control,including:our ability to maintain and grow our user base and user engage

333、ment,particularly for our products that deliver ad impressions;our ability to attract and retain marketers in a particular period;our ability to recognize revenue or collect payments from marketers in a particular period;fluctuations in spending by our marketers due to seasonality,such as historically strong spending in the fourth quarter of each year,episodic regionalor global events,including th